Welcome to our SpreadexFX.com Warning regarding the website previously at spreadexfx.com. (Currently at: spreadexforex.com)
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SpreadexFX.com Review
SpreadexFX.com was registered through Gname.com Pte. Ltd. on December 28, 2022, for one year by an anonymous entity. The hosting is Alibaba, suggesting the entity is based in China.
Its SimilarWeb Global Rank is 2,254,416, while the Country Rank is 442,045 in the United States.
The domain has 3 backlinks from 2 referring domains: trustedrevie.ws and scam-detector.com.
Platform Claims
Based on its homepage, SpreadEX is a cryptocurrency exchange platform offering various services to its users. It allows for the trading of various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), EOS, and Bitcoin Cash (BCH), with real-time price updates shown in USD.
The platform appears to be very security-focused, boasting a bank-level security system and hot and cold wallet isolation to ensure the safety of users’ assets. SpreadEX claims to be licensed by the US MBA, but no proof of that is provided or a way to verify the claims.
The platform appears to have a sizeable trading community, claiming millions of users. However, these claims are not supported by traffic data.
The platform offers multi-terminal support, indicating users can trade on different devices for convenience and efficiency. It provides an application for both iOS and Android devices, offering features like palm trading, real-time quotes, and a quality user experience.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Furthermore, the platform offers quick recharge options, allowing users to deposit funds into their accounts for trading. This could refer to purchasing cryptocurrency with fiat money or transferring crypto assets from an external wallet to the SpreadEX platform.
Novice Tutorial
According to the Novice tutorial:
- Charging (depositing) Coins: Users can deposit virtual currencies from another wallet or platform into their SpreadEX account. This involves choosing the specific currency and chain type (such as ERC20 or TRC20 for USDT), copying the deposit address from SpreadEX, and pasting it into the withdrawal section of the other platform or wallet. Deposits generally require confirmation from network nodes, taking approximately 10-60 minutes to arrive.
- Withdrawing Cash: Users can transfer their digital assets from their SpreadEX account to another platform or personal wallet. Before withdrawal, users need to authenticate their identity and optionally bind a mobile phone or email for added security. Like charging, they must select the currency and chain type for withdrawal, input the withdrawal address, quantity, and a verification code sent via SMS, and then wait for system confirmation.
Other Red Flags
SpreadEX claims to have been established in 2017. However, as we’ve seen, its domain name was registered less than one year ago, in December 2022.
On their About Us, we do not find sufficient information regarding the company behind the website.
The SpreadEX asset management system is allegedly a world leader in this sector, storing and protecting around $140 billion in digital assets worldwide. It manages tokens such as Atom, IRIS, BNB, Kava, OKT, BAND, XPRT, IOV, CTK, AKT, DVPN, FET, CRO, ROWAN, XKI, OSMO, MED, SCRT, and more.
In their Help Center, there is another About SpreadEX page, with the following image, showing the alleged leaders of SpreadEX:
“Now more than ever,” their Chairman and CEO, Ed Tilly, is quoted as saying, “we are guided by our purpose to operate a trusted, inclusive global marketplace, providing leading products, technology and data solutions that help all types of market participants define a sustainable future.”
A deeper look, however, reveals that Ed Tilly is actually the Chairman and CEO of Cboe Global Markets and not of SpreadEX.
There’s another copy of the same website at 114.29.254.168, titled “SpreadEXTrading.”
We found a Facebook page with the same title that leads to a different website: spreadex.com. We review it below.
SpreadexFX.com Reviews
On the subreddit r/Avoid_crypto_scams, a recent post by u/Tsamor serves as a cautionary warning against Spreadexfx.com, labeling it as a scam. However, this user’s warning lacks any specific substantiating details or evidence.
A post by u/Tsamor 13 days prior highlighted Spreadexfx.com as a potential scam, encouraging users to refrain from interacting with the site.
In the realm of Forex Trading, www.spreadexfx.com has earned a somewhat shaky reputation with a trust rating of 39.5 out of 100, according to the Scam Detector’s validator. While the site does possess a valid HTTPS connection and has so far evaded detection by blacklist engines, its proximity to questionable websites scored it a concerning 20/100.
A domain born in December 2022, the site possesses low popularity and raises potential red flags for its questionable risk ratings regarding threats, phishing, and malware at 55/100, 55/100, and 33/100, respectively. Despite its low spam score of 1/100, the site’s connection to suspicious websites and overall controversial standing calls for potential visitors to exercise caution.
Website evaluation platform Scamadviser rates spreadexfx.com with a disconcerting trust score of 1/100, flagging it as highly suspicious and potentially scam-ridden. This assessment examines various factors such as the website’s source code, terms and conditions, and the nature of received reviews.
Some of the negative aspects identified include the website owner’s hidden identity, the website’s geographical location in a high-risk country, negative reviews, the website’s relatively recent creation, and the lack of trust by Trend Micro. Despite a valid SSL certificate and a safety label by DNSFilter, the site raises alarms.
Despite its recent establishment, the website is hosted in a country notorious for high levels of fraud and corruption. Combined with a low Tranco ranking, these aspects suggest a significant risk associated with interactions on this website.
Spreadex.com
We’ve seen another copy of the website at 114.29.254.168, titled “SpreadEXTrading.”
The IP 114.29.254.168 has been assigned to a network in Hong Kong at the “Billion Centre” on Wong Kwong Road in Kowloon Bay.
We found a Facebook page with the same title that leads to a different website: spreadex.com. We review it below.
Their description:
spreadex is the only firm to offer two types of sports betting – fixed odds and spread betting – plus casino gaming and financial trading. the choice is yours.
In June 2023, they received more than 274,000 visits, mostly from the UK but also from Australia, South Africa, India, Israel, the United States, and other countries.
Their Semrush Authority Score is 42%, and they have 1.2 million backlinks from 2100 referring domains, including apple.com, bbc.co.uk, dailymail.co.uk, and theguardian.com.
Spreadex.com is a comprehensive betting platform that covers sports, casino games, and financials. They offer both spread betting, where winnings or losses vary based on the accuracy of a bet, and fixed odds betting, the traditional form where outcomes have set returns. Live streaming and in-play betting allow bettors to engage with ongoing events. Spreadex is committed to responsible gambling, providing various resources for support. The Financial Conduct Authority and the Gambling Commission regulate it.
Their Financial Trading services, by the way, can be found at spreadex.com/financials/ and not at spreadexfx.com.
Spreadex Reviews
Spreadex Sports has a TrustScore of 4 out of 5, indicating a generally positive customer reputation.
Of 932 total reviews, 61% are 5-star, 20% are 4-star, and 13% are 1-star.
Positive Feedback:
- Reliability: Multiple reviewers mentioned Spreadex as a reliable sports betting company.
- Customer Service: A particular incident noted the company’s responsiveness to a client’s request about odds for an event, showing a willingness to accommodate and engage with customers.
- User Experience: Some users appreciated the user-friendly website and mobile interface.
- Community Engagement: The company supports local teams, as indicated by a reviewer mentioning West Bromwich Albion.
Constructive Criticisms:
- Odds and Offers: Several reviews indicated that while the company is trustworthy, it might not always offer the best odds. Some suggested that better promotions for regular customers are needed.
- Betting Delays: There were mentions of delays, with one reviewer noting a suspension of winning bets and another discussing waiting times for odds to be updated.
- Betting Rules: One reviewer pointed out a potential issue regarding settling bets for players who withdraw from a golf tournament due to injury, suggesting the rules might be unfair or open to manipulation.
- Free Bets: Some customers feel the company could offer more free bets, especially based on the amount gambled.
Company’s Engagement with Customers:
Spreadex Sports actively responds to feedback, especially negative reviews, suggesting they value customer input.
The company replied to 31% of negative reviews and generally responded to such reviews within a month.
While no platform can avoid criticisms or negative experiences, most Spreadex Sports on Trustpilot reviews are positive. It does not appear to be a scam. However, potential users should always exercise caution, research, and be aware of betting risks.
Complaints We Received about Spreadexforex and its Related Websites
On August 23, 2023, we received the following complaint:
Someone I met through WhatsApp encouraged me to transfer my USDT to SpreadexFX.com. (I live in the USA). The value of my SpreadexFX account as of July 20, 2023, was $1.6 million.
I attempted to withdraw $5,000 while traveling abroad on July 22, 2023. The withdrawal did not go through; they informed me it was due to an “unknown network.” They froze my account and demanded a $160,000 deposit to unfreeze it. I did not comply with their request. At this point, I realized I was being scammed.
On August 31, 2023, we received the following complaint:
Invested a substantial amount and was scammed.
On October 4, 2023, we received the following complaint:
I invested in Spreadexforex and participated in their Options Trading, where I supposedly made significant profits. However, when I tried to withdraw these profits, I faced numerous fees and unattainable verification requirements. It seemed too good to be true, and indeed, it was. I had invested approximately $400,000 and was told I had made $2,234,000, but I suspect it was all fictitious money.
On October 10, 2023, we received the following complaint:
I was scammed by an individual who befriended me through a seemingly mistaken email sent to someone else. I responded, clarifying that I wasn’t the intended recipient, but she continued to contact me. We discussed various locations and eventually became chat pals. After about a month, she claimed to represent a skincare company in L.A. and persuaded me to invest in the crypto market. In total, I invested $7,000. She assisted me using the platform, and I initially saw some profit. However, when I tried to withdraw funds, I received no response and was subsequently ghosted.
Other Spreadex Impostors
Sspreadex.com
A warning was issued on December 22, 2023, by the UK FCA (Financial Conduct Authority) about a clone firm impersonating Spreadex.com. Here’s a summary of the key details:
The regulatory authority warns against a clone firm, sspreadex.com, which is impersonating an FCA (Financial Conduct Authority) authorized firm. Clone firms use the details of legitimate firms to convince people of their genuineness.
Clone Firm Details:
- Name: sspreadex.com (Clone of FCA Authorized Firm)
- Email: spreeadex@spreeadex.com
- Website: www.sspreadex.com
- Note: The clone firm may provide false details, including email addresses, phone numbers, postal addresses, and Firm Reference Numbers, sometimes mixing these with genuine details of authorized firms.
The review emphasizes the importance of vigilance against fraudulent financial entities.
SpreadexFX & Spreadexforex Review Conclusion
After a comprehensive review of Spreadexforex.com, SpreadexFX.com, and Spreadex.com, it’s clear that discernment and caution are paramount for individuals seeking platforms for betting or financial transactions. SpreadexFX.com, registered in December 2022, is marred with several red flags, from its questionable registration in a high-risk country to its apparent lack of transparency about its origins and affiliations. Misrepresenting leadership figures and questionable associations further highlight the platform’s untrustworthy nature.
Contrastingly, Spreadex.com emerges as a platform with a far more credible standing. Established in 1999, it has a commendable online reputation, is backed by significant user engagement, and operates within regulatory frameworks, emphasizing its commitment to transparency and customer trust. Crucially, its sports betting and financial trading services are distinct from the offerings of SpreadexFX.com, urging the need for differentiation between the two.
Given the dubious nature of SpreadexFX.com and the associated risks highlighted, potential users need to exercise diligence and skepticism. While Spreadex.com is lauded for its services, it’s essential to remember that betting or trading inherently carries risk. As the digital landscape becomes increasingly convoluted, the onus remains on individuals to remain informed and cautious, ensuring they don’t become unsuspecting victims of misleading platforms. Always prioritize safety and research thoroughly before making any commitments online.
Bottom Line – Beware of Spreadexforex!
Based on our comprehensive analysis, we strongly advise against engaging with SpreadexFX.com and Spreadexforex.com due to several alarming red flags, such as dubious associations, unverified claims, and misrepresenting leadership figures. This platform’s lack of transparency and questionable geographical location position it as potentially risky and untrustworthy.
On the other hand, Spreadex.com appears to be a credible and regulated platform for sports betting and financial trading. It has a solid online reputation and responsive customer service and operates within the necessary regulatory frameworks. Therefore, we can recommend Spreadex.com to users seeking a reliable platform for these services.
However, it’s crucial to remember that betting or financial trading carries inherent risks. Therefore, potential users must conduct thorough research, understand the platform’s terms and conditions, and gamble responsibly. It’s always safer to err on the side of caution when dealing with online platforms, especially those involving financial transactions, such as Spreadexforex.
If you have fallen victim to online scams like Spreadexforex, please comment below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
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I too, have been scammed by Spreadforex. Got involved when it was Spreadex and was with the name change. The Options Trading was impressive. Mad a lot of money. That is, until it came time to withdraw the profits. They demanded an 10% transfer fee on the profits. Not knowing any different about the industry, it paid it. BIG mistake. They then demanded a 0.5% security deposit because they said they were worried about money laundering and then wanted me to verify my source of income. CLEARLY this is a scam. I believe all the profits are fake.
Dear Robert,
I’m sorry to hear about your experience. Spreadforex’s actions, as you’ve described, raise several red flags. Legitimate brokers and platforms typically don’t demand such fees or impose sudden and unexpected requirements upon withdrawal.
If you believe you have been scammed:
1. It’s important to cease any further communications or transactions with the entity you believe to be fraudulent.
2. Document all interactions, transactions, and other relevant details. This will be valuable for any investigations.
3. You might consider reaching out to CNC Intelligence, an Investigation Company specializing in assisting law enforcement and law firms with asset and fund recovery cases. They have expertise in Cryptocurrency Tracing and could provide insights into your situation.
4. Always consult with legal professionals regarding your options. Remember, CNC Intelligence itself doesn’t recover money, but they can assist law firms and law enforcement in asset recovery cases.
In the future, before making any investments or financial commitments, it’s always a good idea to conduct thorough research and consider consulting with financial professionals or advisors.
spreadexfx.com has now changed to “spreadexforex.com” and they will not honor ANY withdrawals.
I was scammed by Spreadexfx.com/#/ … it smelled fishy from the beginning. Thank goodness I did not go all in as the person continued to urgent me to transfer all my BTC. I had decided that I wasn’t going to do it. what I lost with them will be an expensive lesson on how NOT to trust anyone that is promising lucrative gains. “If it’s too good to be true…It’s scam.